News Article Budapest Erste Erste Ingatlan Horizon Hungary investment office
by Property Forum | Investment

Promenade Gardens, a recently completed office building on Budapest’s Váci corridor, changed owners on 1 August 2018, when Erste Real Estate Fund purchased the 97% leased property from the developer, Budapest-based Horizon Development. The new, dual certified (LEED Gold and BREEAM Very Good) asset of 25,000 sqm has already been chosen by a number of international tenants such as Celanese and Citibank, with more signed deals to be revealed soon.

Balázs Pázmány FRICS, President of the Board at Erste Asset Management highly valued the recently closed deal and emphasized: “Erste Real Estate Fund is always on the quest for top technical quality buildings in our home market. Promenade Gardens stands out among our recent acquisitions. Our fund placed great trust in Promenade Gardens from the very beginning of the project in 2016, and we continued to follow the development progress closely before taking over ownership. Now I am proud to share that this state-of-the-art building – that rightfully prides itself in technical excellence, energy and water efficiency, environmentally conscious solutions and top aesthetic choices – belongs to our portfolio. We look forward to managing this gem of a property with the utmost care and service-minded mentality towards our tenants.”
Promenade Gardens is a large-scale office scheme, a sustainable modern building of 25,000 sqm on Váci út, the main office corridor of Budapest, available from 2018. With its flexible office layout stretched out across 5 floors in 4 towers, it accommodates both horizontal and vertical expansion plans of dynamically growing companies. The above average clear internal height of 3 meters makes even denser seating arrangements comfortable and roomy. The ground floor area offers 3,000 sqm for retail or office use. The LEED Gold and BREEAM Very Good ratings of the building are a guarantee for an employee-friendly, healthy work environment, and a true acknowledgement of technical excellence enabled by the most innovative green features. Promenade Gardens office building was completed in 2017, with tenants moving in from Q2 2018.